1. The analyst upgrades Arista Networks (ANET) to 'Buy' citing attractive growth-adjusted valuation and a favorable technical setup ahead of earnings; 2. Despite a 25% YTD decline in 2025, ANET maintains strong earnings growth (64.2% gross margin) and is positioned as a key player in AI and cloud infrastructure; 3. Risks include competition and reliance on AI spending, but bullish seasonal trends and a $88 intrinsic value target suggest undervaluation and upside potential.